ORDER
STANDISH TOWN COUNCIL
DATE: April 22, 2008
ORDER NUMBER: 44-08 SUBMITTED BY: Stack
TITLE: CALL FOR ANNUAL MUNICIPAL ELECTION, PLACE Referendum Questions on THE Ballot, Authorize Warrant and Call FOR Public Hearing for the june 10, 2008 ELECTION
ORDERED that the Standish Town Council call that the Annual Municipal Election for town officers be held on Tuesday, June 10, 2008, and
ORDERED that the following referendum questions be placed on the ballot:
Question 1. “Shall a Charter Commission be established for the purpose of revising
the Municipal Charter or establishing a New Municipal Charter?”
Question 2. “To see if the Town will vote to approve a capital expenditure by the
Municipal Officers of a sum of money not to exceed $1,210,750 be
approved to purchase and construct the following items:
Ambulance $180,000
Municipal Building Expansion $500,000
Ball Field Rehabilitation $ 9,000
Plow Truck with Plow Gear $129,000
4-WD Loader (used) $ 55,000
Public Works Facility Expansion $ 50,000
Snowthrower Attachment $ 17,750
Pavement Maintenance $125,000
Road Rehabilitation and Upgrades $145,000
with pavement maintenance and road rehabilitation projects planned for the following town ways: Dow Road, Coal Hill Road and other priority projects as available, said expenses to be funded through the issuance of general obligation bonds or notes in the amount of $1,210,750 hereby authorized with the dates, maturities, denominations, interest rates(s) and other details (including provisions that the bonds may be subject to call for redemption with or without premium) of such borrowing to be determined by the Municipal Officers.
(Note: Total estimated debt service of $1,370,000, of which principal is $1,210,750 and estimated interest at 4.0 % over 10 years is $159,250.)
The issuing of bonds by the Town of Standish is one of the ways in which the Town borrows money for certain purposes. The following is a summary of the bonded indebtedness of the Town of Standish as of April 26, 2008.
Bonds now Outstanding and Unpaid: $2,924,167
Interest to be paid on Outstanding Bonds: $ 396,471
Total to be Repaid on Bonds Outstanding: $3,320,638
Authorized Principal Amount of Bonds
Authorized but not Yet issued: $ 0
Total Additional Bonds to be issued if Approved by Voters: $ 1,210,750
Interest to be Paid on Additional Bonds if Approved $ 159,250
Total to be Repaid on Additional Bonds if Approved. $ 1,370,000
When money is borrowed by issuing bonds, the Town must repay not only the principal amount of the bonds but also interest on the bonds. The amount of interest to be paid will vary depending upon the rate of interest and the years to maturity at the time of issue. The validity of the bonds and of the voters’ ratification of the bonds may not be affected by any errors on the estimates made of the costs involved, including varying interest rates, the estimated cost of interest on the bond amount to be issued and the total cost of principal and interest to be paid at maturity. If the actual amount of the total debt service for the bond issues varies from the estimate, the ratification by the electors is nevertheless conclusive and the validity of the bond issue is not affected by reason of the variance.
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Scott Gesualdi, Town Treasurer
FURTHER ORDERED that the attached warrant is approved by the Standish Town Council and that a Public Hearing on this referendum questions will be held on Tuesday, May 13, 2008, during the regularly scheduled monthly council meeting which begins at 7:00 pm.
APPROVED __________________ DISAPPROVED__________________
ROLL CALL YEA NAY ABSTAIN
BIEGEL _________________________________________
CHRISTY _________________________________________
NEWBEGIN _________________________________________
POMERLEAU _________________________________________
SPENCER _________________________________________
STACK _________________________________________
TOMPSON _________________________________________
CLERK/SECRETARY ____________________________
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